About Life Insurance Policy from an Islamic Perspective Is Insurance Halal?. First of all, In the Name of Almighty Allah, Most Gracious, Most Merciful. All praise and thanks square measure thanks to Almighty Allah. Also, peace and blessings be upon His traveler. However in this article we’ll know About Life Insurance Policy from an Islamic Perspective Is Insurance Halal?

About Life Insurance Policy from an Islamic Perspective Is Insurance Halal?

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First of all, opinion About Life Insurance Policy from an Islamic Perspective Is Insurance Halal?

Life insurance may be a new contract not familiar within the history of Fiqh. Also, Muslim students have completely different opinions concerning this sort of insurance.

Responding to the question, Dr. Monzer Kahf, Scholar in monotheism economic science professional, states the following:

In the circles of up to date Shari’ah students, there square measure 3 opinions concerning insurance. However, all of them acknowledge that it’s a replacement contract not familiar within the history of Fiqh. A minority take into account itharam and with every kind of argument against. It’s well as Riba, gambling, gharar and speculation on the desire of Allah. So, this read doesn’t carry a lot of weight.

The second opinion About Life Insurance Policy from an Islamic Perspective Is Insurance Halal?

The second read is that it contains gharar. Because nobody is aware of whether or not the liability of the non depository financial institution. The company can ever take place nor once it’ll, if ever. This can be a significant ghararthat ends up in a significant defect within the contract. it’s so tabu there.

The third opinion About Life Insurance Policy from an Islamic Perspective Is Insurance Halal?

The third opinion bestowed by the late tribal sheik Mustafa al Zarka. He argue that the gharar within the contract remedied by the very fact that it’s a contract support overwhelming applied mathematics information and therefore the application of the speculation of chance. With this in mind, there’s no gharar on the a part of the nondepository financial institution and therefore the contract is permissible with 2 conditions: that it contains no Riba clause which its subject (insured thing) be legitimate.

These 2 conditions rule out regular fasten come insurance as a result of the worth of the policy is that the outcome of investment premiums at a combined rate of interest, (while variable – come life is permissible if the funds square measure endowed within the Shari’ah approve stocks or mutual funds). They conjointly rule out insuring a prohibited activity like casinos.

The advocates of the second opinion

The advocates of the second opinion argue that the gharar problem applies solely in exchange contracts. If the contract changed and reconstitute on the idea of cooperation or mutuality, wherever there’ll be Associate in Nursing association of the insured rather than a profit motivated non depository financial institution company, thegharar then tolerated. this’s often be} therefore as a result of the relation between the association and its members become supported contribution ortabarru’rather than exchange and a tabarru’ can accommodate sure conditions ( i.e., that the association compensate just in case a unsafe event happens). On the idea of this all the “Islamic insurance companies” were establish.

About Life Insurance Policy Is Insurance Halal?

In this regards, al-Zarka adds, that if a mutual or cooperative insurance exists he prefers it to profit motivate insurance out of his reference to the opinion of opponents. there’s Associate in Nursing previous argument (from the 1950s), even by those that oppose insurance, that whenever insurance force by law, one should have intercourse and one is exempt, from the Shari’ah purpose of read.

This embody insurance, Social Security, employee compensation, and leader’s obligatory insurance if it’s not non obligatory for the worker to the current we have a tendency to add another component that if the insurance provided by the leader is paid fully from the employer, i.e., given as a benefit while not deducting any a part of the premium from the pay checks, then it’s a form of grant from the leader Associate in Nursingd if a hazard happens the paid policy quantity is halal as a result of it’s an outcome of the grant.

Now assume for yourself

If your insurance is just term life, you’ll apply the opinion of tribal sheik al-Zarka, and if it’s obligatory by leader, you furthermore mght have area to accommodate, and if it’s a grant from leader it’s conjointly tolerate. Otherwise you wish to check the specifics of the contract you have got and verify, within the lightweight of the higher than informing, whether or not you retain or ask for to withdraw from it.

In Conclusion About Life Insurance Policy from an Islamic Perspective Is Insurance Halal?

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